Led by electronics, Vietnam’s Q1 exports jump 16.8% to $92.88 billion

Vietnam’s exports in the first quarter rose 16.8% from a year earlier to $92.88 billion, led by shipments of electronics, with a trade surplus of $7.8 billion for the quarter, government data showed on Tuesday.

Imports in the January-March period rose 14.0% to $85.08 billion, the Customs Department said in a report.

The Southeast Asian economy, a regional manufacturing hub that heavily relies on trade, has been impacted by weak global demand, having seen a 4.4% contraction in its shipments last year.

The government is targeting gross domestic product growth of 6% to 6.5% this year, up from 5.05% recorded in 2023.

In March, exports rose 36.4% from February to $33.66 billion, while imports were up 32.5% to $30.88 billion, the department said.

Shipments of electronics, its largest export earner, rose 35.7% from a year earlier to $16.33 billion in the first quarter, according to the report.

Vietnam is a major manufacturing centre for firms like Samsung 005930.KS, Intel INTC.O and Canon 7739.T, as well as big clothing brands such as Nike NKE.N and Adidas ADSGn.DE.

Smartphone exports rose 5.9% to $14.21 billion, while shipments of garments increased 8.8% to $7.82 billion, the report said.

The United States remained Vietnam’s largest market, accounting for nearly 28% of Vietnam’s overall exports in the January-March period, according to the report. Reuters